In many ways, the folks who say we a have lots of oil are correct. All one has to do is include the oil which is extremely expensive and slow to extract. Much of the cheap, easy-to-extract oil has already been removed. Economic theory says if/when prices rise our pocketbooks will dictate finding an alternative. The alternative will relieve price pressure on the oil causing the price of oil to drop. When oil prices rose, we found substitutes, but they were poor substitutes. Biofuels interfered with food supply; wind is a substitute for natural gas and coal in electricity production, but it is not as a transportation fuel, which is one of the things that we specifically expect to be short of.
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